Old National Bancorp Depositary Shares Each Representing a 1/40th Interest in a Share of Series A Preferred Stock (ONBPP)

FairStock Score: 60/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a preferred depositary share of a regional bank, not as the common equity. Old National Bancorp is a 4,914-employee bank holding company that gathers deposits and makes consumer and commercial loans. The common-stock metrics are only context for the preferred: at the 2026-10-13 close of $24.92, FairStock puts P/B at 1.14, P/E at 27.99, ROE at 10.61%, and the Piotroski F-Score at 6/9. That is a fair-to-full price for a bank earning a modest return on equity. The Lynch category is STALWART—steady growth, with profit compounding at 24.2% a year over five years—but the filed record is uneven. In fiscal 2025, the year ended 2025-12-31, net income was $669.3M, versus $539.2M in fiscal 2024 and $582.0M in fiscal 2023. In fiscal Q1 2026, the quarter ended 2026-03-31, net income was $233.7M, versus $144.7M in fiscal Q1 2025. The bank's latest reported quarters show improvement: fiscal Q2 2025 net income was $125.4M and fiscal Q3 2025 was $182.6M. Still, I cannot see CET1, net interest margin, charge-offs, or loan-loss reserves in this data, and those are the real tests for a bank. The 7.02% dividend yield is the main attraction, but preferred holders sit behind depositors and creditors and ahead of common; a fixed coupon is only as safe as the bank's credit. With the price near the upper end of its $24.41-$25.50 52-week range, the market seems to recognize the yield but not mispricing it.

In plain English: Old National Bancorp is a regional bank that takes deposits and makes loans. The bank's profits have been uneven but improved in fiscal 2025 and early 2026, and it earns a moderate return on shareholder money. The preferred shares trade near the top of their 52-week range and offer a high dividend, so the price looks fair rather than obviously cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer